1. The global Tyson Foods, but covering a wider range of proteins including fish and plant-based options.

2. A highly diversified Tyson Foods, also producing leather, pet food, and industrial products from animal byproducts.

• Meat and Poultry Products: JBS offers a wide range of beef, pork, chicken, poultry, fish, and lamb products.
• Processed Food Products: The company provides cooked frozen meat, various plant-based products, and other prepared food items.
• Leather Products: JBS is involved in the production, processing, and commercialization of wet blue, semi-finished, and finished leather products.
• Industrial By-products: This includes items such as collagen, metal packaging, biodiesel, hygiene and cleaning products, and pet food.
• Logistics and Processing Services: JBS provides cold storage, transportation, warehousing services, and specialized processing for its diverse product lines.

JBS N.V. (JBS) primarily operates as a business-to-business (B2B) supplier, providing a wide range of protein, food, and other related products to various industries and retailers worldwide. Its major customers are other companies, rather than individual consumers.

Based on the company's extensive product portfolio, its major customers fall into the following categories:

• Grocery Retailers and Supermarket Chains: These companies purchase a significant volume of JBS's beef, pork, chicken, lamb, and plant-based products for resale to individual consumers through their stores.

  • Walmart Inc. (WMT)
  • Kroger Co. (KR)
  • Costco Wholesale Corporation (COST)
  • Target Corporation (TGT)

• Foodservice Distributors and Restaurant Chains: These customers procure JBS's meat, poultry, and other food products for use in restaurants, hotels, schools, and other institutional settings.

  • Sysco Corporation (SYY)
  • US Foods Holding Corp. (USFD)
  • McDonald's Corporation (MCD)
  • Restaurant Brands International Inc. (QSR)

• Other Food Manufacturers and Processors: Companies that use JBS's raw and semi-processed ingredients (e.g., various cuts of meat, by-products, plant-based components) to create their own branded food products.

  • While specific major food manufacturing customers are not typically disclosed by JBS, examples of companies in this sector that would likely source ingredients include large consumer packaged goods (CPG) companies focusing on frozen meals, ready-to-eat products, and processed meats.

• Industrial Customers: For its non-food products like leather, collagen, biodiesel, and packaging materials, JBS supplies a diverse range of industrial clients, including automotive manufacturers, fashion brands, and chemical companies.

Gilberto Tomazoni, Global Chief Executive Officer

Gilberto Tomazoni has served as the Global Chief Executive Officer of JBS since December 2018. He possesses over 40 years of experience in the food industry. Before joining JBS, Mr. Tomazoni dedicated 27 years to Sadia, where he started as a trainee and eventually became its CEO. He also served for three years as the Vice President of Bunge Alimentos, overseeing the food and ingredients business and acting as Executive Director for South and Central America. Mr. Tomazoni joined JBS in 2013 as Global President of the Poultry Business, leading the turnaround of Seara Alimentos. He was appointed Global President of Operations in 2015 and Global Chief Operating Officer in 2017, prior to his CEO appointment. Since 2013, he has chaired the Board of Pilgrim's Pride Corporation. He is slated to step down as Global CEO in January 2027, transitioning to the role of Vice Chairman of the Board and Senior Advisor.

Guilherme Perboyre Cavalcanti, Global Chief Financial Officer and Investor Relations Officer

Guilherme Perboyre Cavalcanti has been the Global Chief Financial Officer and Investor Relations Officer of JBS since January 2019. His prior experience includes serving as the Director of Finance and Investor Relations at Fibria Celulose S.A. from 2012 to 2019. Before that, he was the CFO and Investor Relations Officer at Vale S.A. from 2005 to 2011. Mr. Cavalcanti also held various roles at Grupo Globo from 1997 to 2005, including in Treasury, Controllership, and Strategic Planning. Early in his career, he worked at Banco Pactual (now BTG Pactual) and Banco Banif/Primus.

Jeremiah O'Callaghan, Chairman of the Board of Directors

Jeremiah O'Callaghan has served as the Chairman of the Board of Directors of JBS since 2017, and has over 35 years of experience with the company. He became an executive officer of JBS in January 2019, and previously held executive officer positions within the company. Mr. O'Callaghan began his career in the beef industry in 1983 and joined JBS in 1996 to develop its international trade.

Wesley Mendonça Batista, Vice President Senior Management and Board Member

Wesley Mendonça Batista is a representative of the founding family of JBS and holds a position as Vice President Senior Management since 2017. He brings over three decades of experience in the company's strategic direction and possesses deep knowledge of its operations, markets, and production chains. Mr. Batista is also a co-controlling shareholder and a member of the board of directors of JBS N.V.

Joesley Mendonça Batista, Co-controlling Shareholder and Board Member

Joesley Mendonça Batista is a representative of the founding family of JBS, with over three decades of experience in the company's strategic direction and a deep understanding of its operations, markets, and production chains. He is a co-controlling shareholder of J&F, which is one of Brazil's largest business groups. Mr. Batista has more than 35 years of experience in the protein industry, with expertise in protein production operations and business management. He currently serves as the President of the J&F Institute and is a member of the board of directors of JBS and PPC.

1. Environmental, Social, and Governance (ESG) and Reputational Risks

2. Operational Risks and Commodity Price Volatility

3. Financial Risks

JBS (symbol: JBS) operates in several significant global addressable markets for its main products and services.

• Beef Products: The global beef market size was valued at approximately USD 465.22 billion in 2025. This market is projected to grow to USD 711.62 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 4.89% during the forecast period. North America dominated the beef market with a market share of 32.77% in 2025.
• Pork Products: The global pork meat market size was valued at USD 330.94 billion in 2025. It is projected to grow to USD 539.64 billion by 2034, exhibiting a CAGR of 5.58% during the forecast period.
• Poultry Products: The global poultry market size was valued at USD 491.02 billion in 2025. It is projected to grow from USD 521.95 billion in 2026 to USD 910.24 billion by 2034, exhibiting a CAGR of 7.20% during the forecast period. Asia Pacific dominated the poultry market with a market share of 39.4% in 2025.
• Lamb Products: The global sheep meats market, which includes lamb, was valued at USD 16.8 billion in 2025. It is projected to expand to USD 27.4 billion by 2034, registering a CAGR of 5.6% over the forecast period from 2026 to 2034. The lamb segment held the largest product type share at 58.3% in 2025. Asia Pacific dominated regional revenue with a 42.7% share in 2025.
• Plant-Based Products: The global plant-based food and beverages market size was projected to expand from USD 85.01 billion in 2025 to USD 166.43 billion by 2031, registering a CAGR of 11.85% between 2026 to 2031. Asia Pacific accounted for 35.84% of the plant-based food and beverage market revenue in 2025.
• Leather Products: The global leather goods market size was valued at USD 531.07 billion in 2025. It is projected to grow from USD 566.23 billion in 2026 to USD 982.42 billion by 2034, exhibiting a CAGR of 7.13% during the forecast period. Europe dominated the leather goods market with a market share of 37.31% in 2025.

1. Expansion in Plant-Based and Alternative Proteins: JBS is significantly investing in the plant-based and alternative protein markets. The company recently launched Genu-in Solutions to develop protein-rich foods and beverages for other companies, with products like protein puff snacks, collagen gummies, and ready-to-drink beverages. This new business is part of JBS's collagen and gelatin division. Furthermore, JBS has consolidated its European plant-based brands, Vivera and The Vegetarian Butcher, into "The Vegetarian Butcher Collective," aiming to lead the European market, which is projected to triple by 2035. The company also has a presence in the plant-based burger market in Brazil and the U.S. with its OZO brand. JBS has also opened a $37 million biotech hub dedicated to developing "superproteins," including microbial and cultivated proteins, for the food, supplement, and precision nutrition markets.
2. Geographic Diversification and Global Market Expansion: JBS's multi-geography and multi-protein platform is a key strength driving revenue growth. The company benefits from robust global demand in export markets. JBS has also announced a $5 billion Asia-Pacific joint venture with Indonesia's Danantara, indicating a strategic push into new regional markets. Additionally, the expansion of its Imperial American Wagyu Beef brand into more Costco stores in the U.S. further highlights its geographic and customer base expansion efforts.
3. Growth in Value-Added and Branded Products: JBS is focusing on increasing its offerings of value-added and branded products across its traditional protein segments. This strategy is evident in JBS Brazil's domestic market, where a commitment to value-added products and deepened customer partnerships contribute to growth. The acquisition of Vivera also strengthens this focus on value-added products. JBS USA Pork is actively expanding its portfolio of branded and value-added products, and its 1855 brand has an exclusive partnership with Stop & Shop for Black Angus beef.
4. Strategic Acquisitions and Partnerships: Strategic mergers, acquisitions, and partnerships are expected to drive future revenue growth by expanding JBS's market share and capabilities. Notable actions include the acquisition of Vivera, a non-binding proposal to acquire the remaining 17.92% stake in Pilgrim's Pride, and a $2.5 billion equity partnership with Mantra Investment Management for a 25% stake in JBS's Australia/New Zealand operations. These moves enhance the company's global footprint and product offerings.

Share Repurchases

• JBS N.V. concluded a share repurchase program in November 2025, under which it repurchased 41,008,292 Class A common shares for an aggregate amount of $600 million.
• This program was initially authorized in August 2025 for up to $400 million and expanded by an additional $200 million in October 2025.
• In April 2026, shareholders were asked to renew authorization for the Board to repurchase up to 10% of issued share capital (Class A shares and Brazilian Depositary Receipts) for an 18-month period.

Share Issuance

• In April 2026, JBS sought shareholder approval to renew authority to issue up to 10% of its issued share capital for 18 months.
• The corporate restructuring in June 2025, which led to JBS N.V. becoming the holding entity, was designed to facilitate a dual listing on the NYSE and B3, providing flexibility to finance growth through equity issuance.

Inbound Investments

• In August 2026, JBS N.V. formed a joint venture with PT Danantara Investment Management, an arm of Indonesia's sovereign wealth fund. The Indonesian fund will invest $2.5 billion in this joint venture, focusing on the protein production sector in Southeast Asia, Australia, and New Zealand.
• The initial phase of the Danantara joint venture included an $800 million payment from Danantara, securing a 9.6% stake.

Outbound Investments

• JBS made three acquisitions in 2021, including BIOTECH FOODS (cultured meat producer), Huon Aqua, and Vivera.
• In February 2026, JBS N.V. entered a joint venture with Oman Food Investment Holding Company SAOC, committing an equity investment of $150 million for an 80% interest in businesses focused on poultry, beef, and lamb production in Oman.
• In August 2026, JBS N.V. submitted a non-binding proposal to acquire the remaining common shares of Pilgrim's Pride Corporation (PPC) not already owned by JBS or its affiliates, offering a fixed exchange ratio of 2.086 JBS Class A common shares per PPC share.
• In September 2026, JBS N.V.'s Brazilian subsidiary, JBS S.A., formed a 50/50 joint venture named "JBS Viva" with Viva Holding Ltda. to merge their leather production, processing, and commercialization assets.

Capital Expenditures

• JBS projected capital expenditures of $2.4 billion for 2026, with approximately $1.4 billion earmarked for expansion and $1 billion for maintenance.
• The company's capital expenditures averaged $1.447 billion from fiscal years ending December 2020 to 2024, reaching a five-year peak of $1.983 billion in December 2022.
• Recent capital expenditure projects include approximately $3 billion invested in new and modernized facilities across the US, Mexico, Europe, Paraguay, Brazil, Saudi Arabia, and Oman.